PROFITABLY AND SUSTAINABLY GROWING IN WEST AFRICA

www.vaalco.com

PROFITABLY AND SUSTAINABLY GROWING IN WEST AFRICA

August 2021

EnerCom, Inc.’s The Oil & Gas Conference 2021

This presentation is prepared by VAALCO Energy, Inc. (“VAALCO” or the “Company”) and does not carry any right of publication or disclosure, in whole or in part. This has been prepared for information purposes only and it is not a prospectus for the purposes of the UK Prospectus Regulation Rules as it does not constitute an offer to the public. It is not intended to solicit the dealing in securities, nor does it form part of any invitation, offer or sale or subscription or any solicitation for any offer to buy or subscribe for securities. This presentation does not form the basis of, nor should it be relied upon in connection with or act as any inducement to enter into, any contract or commitment with respect to VAALCO’s securities.

This presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933,as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this presentation that address activities, events, plans, expectations, objectives or developments that VAALCO expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements may include statements related to the pending transaction, the impact of the COVID-19 pandemic, including the recent sharp decline in the global demand for and resulting global oversupply of crude oil and the resulting steep decline in oil prices, production quotas imposed by Gabon, disruptions in global supply chains, quarantines of our workforce or workforce reductions and other matters related to the pandemic, well results, wells anticipated to be drilled and placed on production, future levels of drilling and operational activity and associated expectations, the implementation of the Company’s business plans and strategy, prospect evaluations, prospective resources and reserve growth, its activities in Equatorial Guinea, expected sources of and potential difficulties in obtaining future capital funding and future liquidity, its ability to restore production in non-producing wells, future operating losses, future changes in crude oil and natural gas prices, future strategic alternatives, future acquisitions, capital expenditures, future drilling plans, acquisition and interpretation of seismic data and costs thereof, negotiations with governments and third parties, timing of the settlement of Gabon income taxes and expectations regarding processing facilities, production, sales and financial projections.

These statements are based on assumptions made by VAALCO based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond VAALCO’s control. These risks include, but are not limited to, crude oil and natural gas price volatility, the failure of the transaction to close, the impact of production quotas imposed by Gabon in response to production cuts agreed to as a member of OPEC, inflation, general economic conditions, the outbreak of COVID-19, the Company’s success in discovering, developing and producing reserves, production and sales differences due to timing of liftings, decisions by future lenders, the risks associated with liquidity, lack of availability of goods, services and capital, environmental risks, drilling risks, foreign regulatory and operational risks, and regulatory changes. These and other risks are further described in VAALCO's annual report on Form 10-K for the year ended December 31, 2020, quarterly reports on Form 10-Q and other reports filed with the SEC which can be reviewed at http://www.sec.gov, or which can be received by contacting VAALCO at 9800 Richmond Avenue, Suite 700, Houston, Texas 77042, (713) 623-0801. Investors are cautioned that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Except as required by law, VAALCO disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves that meet the SEC’s definitions for such terms, and price and cost sensitivities for such reserves, and prohibits disclosure of resources that do not constitute such reserves. The Company uses terms in this presentation, such as “potential reserves”, “potential resources”, “2P”, “2P reserves”, “2C”, “EUR”, “contingent resources”, “net resources”, “recoverable resources”, “prospective resources”, “gross reserves and resource potential”, “gross unrisked”, “unrisked gross resource”, “prospective mean resources”, “gross unriskedrecoverable prospective and contingent resources” and similar terms or other descriptions of volumes of reserves potentially recoverable that the SEC’s guidelines strictly prohibit the Company from including in filings with the SEC. These terms refer to the Company’s internal estimates of unbooked

hydrocarbon quantities that may be potentially added in accordance with the 2018 Petroleum Resources Management System approved by the Society of Petroleum Engineers. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of being actually realized. Actual quantities of reserves that may be ultimately recovered from the Company’s interests may differ substantially from those presented herein. Factors affecting ultimate recovery include the scope of the Company’s ongoing drilling program, which will be directly affected by the availability of capital, decreases in oil and natural gas prices, drilling and production costs, availability of drilling services and equipment, drilling results, lease expirations, transportation constraints, processing costs, regulatory approvals, negative revisions to reserve estimates and other factors as well as actual drilling results, including geological and mechanical factors affecting recovery rates. Estimates of unproved reserves may change significantly as development of the Company’s assets provides additional data. In addition, the Company’s production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price declines or drilling cost increases.

Estimates of reserves provided in this presentation are estimates only and there is no guarantee that estimated reserves will be recovered. Actual reserves may be greater than or less than estimates provided in this presentation and differences may be material. There is no assurance that forecast price and cost assumptions applied by NSAI or by the Company in evaluating VAALCO’s reserves will be attained and variances could be material. References to thickness of oil pay or of a formation where evidence of hydrocarbons have been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume. Well test results should be considered as preliminary and not necessarily indicative of long-term performance or of ultimate recovery. Well log interpretations indicating oil accumulations are not necessarily indicative of future production or ultimate recovery.

SAFE HARBOR STATEMENT

Slide 2 The Oil & Gas Conference 2021. Profitably and Sustainably Growing in West Africa. August 2021

› International E&P focused on low-risk, producing assets in West Africa with net cash and significant cash flow generation

› Operator of Gabon offshore Etame license

‒ Participating interests: VAALCO (operator) 63.6%, Addax (Sinopec) 33.9%, PetroEnergy 2.5%

› Produced ~121 gross MMBO to date with remaining reserves and resources of ~113 gross MMBO at Etame(4)

› Highly successful 2019/2020 work program; resulting in ~40% year over year increase in production for FY’20 to 4,853 NRI BOPD

› Accretive acquisition of Sasol’s WI at Etame nearly doubles VAALCO’s total net production and reserves

› Inventory of well locations available for multiple future drilling campaigns de-risked by new proprietary 3-D seismic data at Etame

› 2021/2022 drilling program forecasted to increase gross production by 7,000 – 8,000 BOPD when program is completed

› Significant potential in Equatorial Guinea with 98.7 MMBOE unrisked working interest resources(4)

ESTABLISHED OPERATOR GENERATING CASH FLOW

Slide 3

Etame Gross WI(2) NRI(3)

YE’20 SEC Proved Reserves (MMBO)(5) 11.9 7.0 6.1

YE’20 2P CPR Reserves (MMBO)(6) 33.7 19.6 17.1

YE’20 Resources (MMBO)(4) 78.8 46.6 40.5

Equatorial Guinea

YE’20 Best Est Contingent Resources(4) 24.4 10.5

YE’20 Best Est Prospective Resources(4) 282.8 88.2

1) All numbers in the presentation include the impact of the Feb’21 Sasol transaction , reserve and resource numbers as of YE’20 are on a proforma basis and include Sasol’s interest

2) Etame - 58.8% WI , Tullow is a 7.5% WI owner but not a joint owner; Block P – 45.9% WI

3) Net volumes are after royalty deduction of 13% for Etame

4) Netherland, Sewell & Associates, Inc. (“NSAI”) 12/31/2020 CPR report which includes 2P and contingent (“2C”) as well as VAALCO’s internal prospective resource estimate

5) “SEC reserves” are Netherland, Sewell & Associates estimates prepared in accordance with the definitions and regulations of the U.S. Securities and Exchange Commission as of December 31, 2020

6) “2P CPR Reserves” are NSAI’s proved plus probable estimates prepared in accordance with the 2018 Petroleum Resources Management Systems approved by the Society of Petroleum Engineers as of 12/31/20 using VAALCO management assumptions

BLOCK P WI 45.9%

57,300 gross acres

26,300 net acres

46,300 gross acres

27,200 net acres

ETAME MARIN PERMIT WI 58.8%

Bata

EQUATORIALGUINEA

Libreville

Port Gentil

GABON

Recent Acquisition and Successful Drilling Programs Increase Size and Scale(1)

The Oil & Gas Conference 2021. Profitably and Sustainably Growing in West Africa. August 2021

ACCRETIVE GROWTH AND SHAREHOLDER RETURNS

Slide 4

2021/2022 Program and Near-term Value Drivers Continue to Progress VAALCO Towards Its Strategic Targets

Maintain operational excellence, cost

discipline and strong balance sheet

Proposal to replace EtameFPSO with an FSO aligns with ongoing strategy to

reduce operating costs and extend field life. Utilizing crude hedging program to derisk capital funding for

future capital commitments.

Execute work programs at Etameto grow production

and reserves

2021/22 Etame work program targeting 7,000 –

8,000 Gross BOPDproduction increase with

significant recoverable reserves conversion

Pursue value accretive M&A

opportunities within strategic focus

Completed acquisition of Sasol WI at Etame nearly doubles net production, reserves and resources and increases free cash flow per barrel. VAALCO

continues to review further opportunities

Unlock meaningful potential in Equatorial

Guinea

VAALCO reviewing near term production

development opportunities on its asset leveraging the significant

Equatorial Guinea experience of the VAALCO

operating team

2021/22 Etame Work Program Targeting 7,000 – 8,000 Gross BOPDProduction Increase

World-Class EtameAsset Generates Significant Free Cash Flow

~100 MMBO WI Resource Upside Potential at Block P in EG(1)

Accretive Opportunities, New Ventures and M&A

1) 12/31/2020 NSAI CPR reportThe Oil & Gas Conference 2021. Profitably and Sustainably Growing in West Africa. August 2021

ENVIRONMENTAL, SOCIAL, GOVERNANCE

Slide 5

2020 ESG Report Issued

Committed to Our People, The Environment, Our Communities and Corporate Governance

› Devoted to environmental stewardship with dedicated emergency environmental response capabilities

› Gathering GHG emissions data to build base line to set reduction targets to meet recognized international standards

› Enhance environmental performance through Process Safety Management by creating awareness and accountability

ENVIRONMENTAL MANAGEMENT SOCIAL LICENSE TO OPERATE CORPORATE GOVERNANCE

› Equal opportunity employer that firmly believes in the benefits that diversity and inclusion bring to an organization

› Valuing our employees and empowering them to nurture a positive working culture

› Supports and sponsors multiple charitable and non-profit organizations to give back to our community

› Good governance is an integral part of our culture at all levels of our organization

› Employees are empowered to uphold the highest ethical standards

› Understand the importance of providing transparency on ESG-related matters


STEP CHANGE IN TOTAL PRODUCTION AND RESERVES

Slide 6

4,8535,180

8,018

7,400

0

2,500

5,000

7,500

10,000

FY 2020 Q1 2021 Q2 2021 2H 2021Est

NR

I BO

PD

Production Outlook

3.2 2.7

-

1.0

2.0

3.0

4.0

VAALCO YE 2020 Sasol Interest as of Feb 25, 2021

Full quarter Sasol production offset by natural decline and

OPEC+ cuts

Includes 7-day planned field

maintenance and unplanned Q4 FPSO

maintenance

Includes 1 month of Sasol Production and

OPEC+ cuts

9.0 7.9

-

2.0

4.0

6.0

8.0

10.0

VAALCO YE 2020 Sasol Interest as of Feb 25, 2021

1) SEC reserves are NSAI estimates as of December 31, 2020, and management’s estimate of Sasol’s interest as of Feb. 25, 2021

2) 2P CPR Reserves are NSAI estimates as of December 31, 2020 with VAALCO’smanagement assumptions for escalated crude oil price and costs and management’s estimate of Sasol’s interest as of Feb. 25, 2021

Proved NRI Reserves(1) (MMBO)

2P CPR NRI Reserves(2) (MMBO)

Significant Increase in Size and Scale


2021/22 DRILLING CAMPAIGN

Slide 7

Converting Capital Into Additional Scale and Production

New 2020/2021 Proprietary 3-D Seismic Data Over Entire Etame Marin Block

▪ Improved 3D seismic will help VAALCO optimize future drilling locations

▪ Allows for better planning to help reduce costs

▪ Identifies additional upside opportunities

2021/2022 Drilling Program

▪ Program includes up to four wells

‒ Potentially two development and two appraisal wells

▪ Expected to begin in Q4 2021

▪ Forecasted to increase gross production 7,000 – 8,000 BOPD when program is completed

▪ Targeting 2P reserves and prospective resources which could add materially to reserves (likely in 2022)

▪ Preliminary cost estimate $115 to $125 million gross or $73 to $79 million net to VAALCO

Potential to Add Material Cash Flow in 2022 and Beyond


NEW LOWER COST FSO SOLUTION

Slide 8

Lower Operating Costs will lead to Increased Margins, Material Additional Cash Flow While Also Extending the Economic Field Life and Thereby Increasing Ultimate Resource Recovery

The contract for the Nautipa FPSO at Etameexpires in September 2022

VAALCO is in advanced talks to finalize a binding agreement for the FSO with multiple parties that will reduce our costs and meet our schedule

This approach has significant advantages:

› Potential to reduce VAALCO's operating costs by 15% to 25% when compared to the current FPSO contract during the term of the proposed agreement;

› Maintaining the current FPSO beyond its current contract or transitioning to a different FPSO would require substantial capital costs;

› Estimated capital investment of $40 - $50 million gross ($25 - $32 million net to VAALCO) for the required field reconfiguration and deployment of FSO

› Expected payback of <3 years versus current 2P CPR field life going to 2030;

› Larger capacity will allow for larger more cost-efficient liftings

for 2022 and Beyond


EQUATORIAL GUINEA

Slide 9

Maximizing the Value in VAALCO’s Portfolio

Completed Drilling Feasibility Study of Standalone Venus Development Proceeding to a Field Development Concept

› All wells drilled on block P have oil shows or oil sands

› PSC license period is for 25 years from date of approval of a development and production plan

› VAALCO 45.9%, Atlas 34.1%, GEPetrol 20% carried interest through first production; GEPetrol carried interest will be recovered from their share of production

› Discoveries on Block were made by Devon, a prior operator/owner

16.5million BOE

unrisked gross 2C resource(1)

VENUS DISCOVERY

7.9million BOE

unrisked gross 2C resource(1)

EUROPADISCOVERY

Material Development Opportunity with Further Upside

1) 12/31/2020 NSAI CPR report

164.4million BOE

unrisked gross Best Estimate Prospective

Resources

SW GRANDEPROSPECT


› Each $5/barrel improvement in oil price increases Free Cash Flow before capex by ~$12.5 million and increases Adjusted EBITDAX by ~$14 million

› Approximately 90% of estimated opex is fixed, majority of costs don’t increase with additional production levels

VAALCO NETBACK OVERVIEW (Q2-Q4 2021E)

Slide 10

Maximize Margins Through Cost Discipline

Generating

$23.1/BO of Netbackat $65 Realized Pricing in 2021

2021 Netback Per Barrel

$26.0 $26.0 $26.0

$5.7 $6.7 $7.7

$4.6 $4.6 $4.6 $3.0 $3.0 $3.0 $1.6

$1.6 $1.6 $14.1

$23.1

$32.0

$-

$10.00

$20.00

$30.00

$40.00

$50.00

$60.00

$70.00

$80.00

$55 $65 $75

$/B

O S

ales

Realized Oil Price

OPEX Tax G&A Workovers ARO Netback

Netback per barrel excludes Hedging, Working Capital Movement and Capex


POTENTIAL INDICATIVE NETBACKS WITH INCREASED PRODUCTION AND LOWER OPEX

Slide 11

Successful 2021/2022 Drilling Campaign (Q2 2022)

Oil Price: $65 per barrel

$19.78 $6.83 $32.36$3.43

$1

.18

$1

.42

Successful FSO Conversion (Q3 2022)

20.81 $6.70 $29.33$4.63

Combined Successful Drilling Campaign & FSO Conversion (Q4 2022)

$15.82 $6.83 $36.31$3.43

OPEX Tax G&A ARO Workover Cash Flow (before CAPEX)

$0 $65

$1

.59

$1

.92

$1

.18

$1

.42

$0 $65

$0 $65

20,000 Gross BOPD

20% Opex Reduction

Combined 20,000 Gross BOPD with 20% Opex Reduction




HEDGING

Slide 12

Materially Derisking Funding of 2021/2022 Drilling Campaign and FSO Solution

~70% at $61.63/Bbl

30% at Floating Price

70% of

production hedged through October 2021 at

a Dated Brent weighted

average price of $61.63 per

barrel

~50% at $62.47/Bbl

50% at Floating Price

50% of

production hedged November 2021

through February 2022 at a Dated Brent weighted average price of

$62.47 per barrel

Nov 2021 – Feb 2022Aug 2021 – Oct 2022


NEAR-TERM AND LONG-TERM CATALYSTS

Slide 13

Strong Upside Potential at Etame and Block P

Continues to review additional

opportunities within our sphere of

expertise

2021/22 Etame work program targeting

7,000 – 8,000 gross BOPD production

increase with significant

recoverable reserves conversion

Proposal to replace Etame FPSO with an FSO

aligns with ongoing strategy to reduce

operating costs and extend field life

Materially deriskingfunding of our

2021/2022 future capital

commitments through hedging

Reviewing near term production development opportunities on Block P

in EG, leveraging the significant experience of

our operating team

HIGHLY ACCRETIVE OPPORTUNITES

DRILLINGPROGRAM

OPPORTUNITES TO MAXIMIZE NETBACKS

CORPORATERISK-MANAGEMENT

ORGANIC DEVELOPMENTOPPORTUNITIES


9800 Richmond Avenue, Suite 700, Houston, Texas 77042

T 713.623.0801F 713.623.0982E [email protected]

VAALCO Gabon SAB.P. 1335, Port Gentil, Gabon

T +241-(0)1-56-55-29

U.S. - Al Petrie

T 713.543.3422E [email protected]

U.K. - Ben Romney / Jon Krinks/ James Husband

T 44.0.20.7466.5000E [email protected]

www.vaalco.com

CORPORATE OFFICE

BRANCH OFFICE

INVESTOR CONTACTS

CONTACT

Slide 14 The Oil & Gas Conference 2021. Profitably and Sustainably Growing in West Africa. August 2021

PROFITABLY AND SUSTAINABLY GROWING IN WEST AFRICA

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